5 Tips to Help You Manage Your Money Better

Have you ever looked at your bank account and cried a little bit because you only have $0.03? I get it – you’re in college and the parties and grown-up obligations can really put a damper on your account and your fun. But, with good money-saving skills, there will be more money there in the long run when you need a vacation or a couple extra bucks for groceries. 

  1. 1. Put Some Money from Your Paycheck in Savings Every Time

    This is something my parents have told me from the very first paycheck I’ve ever received. Put an amount that still gives you spending money for the pay period, whether it’s $100 or $10, you’ll thank yourself later. This is also a really good way to keep track of your money in general because you know how much you’ll be setting aside, and therefore will know what you have to work with after that amount is deducted. Plus, the savings will help you out unexpectedly and you’ll be thanking yourself for being so smart. 

  2. 2. Make A List When You Grocery Shop – And Stick to It!

    One of the best ways to manage your money better is to make a list before you go to the grocery store to avoid impulse shopping. This way you have an idea of what you’ll spend at the store so you don’t have to worry if you have enough money. After a few times doing this, it’ll be easier to figure out how much money per paycheck you’ll need to set aside for the grocery store and it’ll make budgeting other things easier as well. 

  3. 3. Cut Down on Going Out

    This is a big one. I know college is the time to live it up and go out with your friends, but your wallet cries a little bit every time you do. I’m not saying don’t ever go out, but limit yourself to maybe once or twice a week in order to keep your extra spending to a minimum. After a couple of paychecks, you’ll begin to get the hang of how much you can afford to spend and you’ll realize that you’ll have more money to work with if you need it if you cut back on going out to get a Big Mac at 3 am. 

  4. 4. Keep a Physical Money-Saving Jar for Vacations 

    If a tropical getaway is what you seek, the best way to make sure that money’s there is to make a physical money jar or piggy bank to put the saved money away. Just like you’ll take a portion of your paycheck out every check to put into a savings account, taking a few dollars out for the vacation fund will ensure that you don’t touch the money and that you won’t have to take a ton out when it comes time for your getaway. 

  5. 5. Don’t Spend More Than You Have

    This one may seem obvious, but you’d be surprised how easy it is to spend more than you have. Know exactly how much you get paid each time and keep that in mind every time you spend money so you don’t go into debt or rack up a credit card bill that’s monstrous. Keep in mind how much you spend everywhere – sometimes that 7 for $28.50 at Victoria’s Secret isn’t as much of a necessity as it seems to me. 

No matter how much money you make, there’s always a way to save your money to secure financial goals in the future. It may seem daunting, but you can do it! Plus, it’s really rewarding to be able to manage your money so that in the future, with more bills to look after, you can figure it out with ease. You got this!